We list 12 open programs for Newfoundland and Labrador businesses.
The two provincial programs
The Business Growth Program is the one to plan around: non-repayable contributions, normally up to 50% of eligible costs to a maximum of $200,000 over 24 months per project. Development and commercialization projects can be considered to a higher maximum, normally up to $750,000 over multiple years. You fund the other half yourself. Each application is reviewed and approval is not automatic, so prepare it carefully.
The Business Investment Program offers term loans with interest at the Bank of Canada rate plus 0.5%. Compare that with what a bank usually quotes a first-year business.
Atlantic programs: ACOA, CBDC and Ulnooweg
As in every Atlantic province, businesses in NL can apply to ACOA's Business Development Program: interest-free, unsecured repayable contributions up to 50% of capital costs for starting or expanding, and up to 75% of business-growth activities such as marketing and training.
The CBDC network offers newcomer loans up to $20,000, youth loans, and micro-loans for small start-ups. Indigenous entrepreneurs across Atlantic Canada can also apply to Ulnooweg, which offers loans for women and youth up to $25,000 at 8% and non-repayable business-planning contributions.
Energy rebates and storefront funding
takeCHARGE's Business Efficiency Program rebates $0.10 per kilowatt-hour of first-year energy savings up to $100,000, plus a $500 bonus per kilowatt of peak demand reduced. This can help a shop or restaurant that installs efficient lighting and equipment. Downtown St. John's reimburses storefront facade work up to $3,000 per site, $4,000 for a corner property, matching your own spending dollar for dollar.
National programs for NL businesses
Four national programs are open to businesses anywhere in Canada. The Canada Small Business Financing Program backs loans up to $1,150,000 through your own bank, with a 2% registration fee and term-loan interest capped at prime plus 3%. Futurpreneur Canada Side Hustle lends up to $25,000 to owners aged 18 to 39 who keep a full-time income for the first year, and the Futurpreneur Canada Core Start-Up Program combines up to $25,000 from Futurpreneur with up to $50,000 from BDC for up to $75,000 total, with two years of mentorship. BDC's Start-up financing lends up to $150,000 once you have 12 months of operating history, so plan for it in your second year.
Three rules to follow before you buy anything
- Approval comes before purchase. If you start the work before approval, most cost-share programs will not pay for it.
- Cost-share means reimbursement: you pay first and claim it back with invoices, so plan your cash flow.
- Grants are generally taxable income; borrowed money is not. Ask your accountant before you spend.
Most applications also want written quotes for the work before anything is approved.
Want the whole country on one page? See the startup funding map, province by province.